Sustainability-Linked Debt Instruments and Corporate Financial Performance: A Systematic Literature Review, ۲۰۲۰–۲۰۲۶

Sustainability instruments such as green bonds (GBs), green loans (GLs), sustainability-linked bonds (SLBs), and sustainability-linked loans (SLLs) play a critical role in sustainable finance, with their total issuance projected to reach US$۶.۲ trillion by December ۲۰۲۴. However, evidence on their impact on corporate financial performance and cost of capital remains inconsistent. In accordance with PRISMA ۲۰۲۰ guidelines, this analysis examines ۷۴ empirical studies published in peer-reviewed journals indexed by ISI between January ۲۰۲۰ and June ۲۰۲۶, identified using Scopus, Web of Science (WoS), and SSRN. It assesses the relationship between the issuance of sustainability debt instruments, corporate financial performance, the financial indicators used, and evidence of the positive impact of sustainability. Green bond issuances are generally associated with a positive stock market reaction, particularly for certified bonds. Market-based indicators such as Tobin's Q, interest coverage ratio (ARC), and enterprise value predominate in the literature, followed by return on assets (ROA) and return on equity (ROE). The evidence on green bonds is mixed, but generally supports a yield reduction of approximately ۱۲ basis points. These results demonstrate that financial effects vary across contexts and highlight the need for further long-term research in emerging markets and across a wide range of financial instruments.

کلیدواژه ها:

Green bonds ، sustainability-linked bonds ، green loans ، sustainability-linked loans